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☆ JPMorgan strategists advise opening a short in European banks, upgrade healthcare
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsLONDON, Oct 30 (Reuters) - Strategists at JPMorgan have advised opening a 'short' position in European banks, and moved the sector from 'neutral' to 'underweight', they said in a note published on Monday. "If the bond yields are in the process of peaking this quarter, as we suspect ... then Banks could start to struggle," JPM strategists, led by Mislav Matejka, said. European banking shares have been some of the best performing in Europe in 2023, with the STOXX Europe 600 Banks Index (.SX7P) rising almost 8% year-to-date versus a 1% for the broader STOXX 600 (.STOXX). JPM "used the funds" to upgrade the healthcare sector from 'neutral' to 'overweight', saying the sector could benefit from "higher U.S. dollar exposure, low beta and the long duration angle". The STOXX Europe 600 Healthcare Index (.SXDP) is down around 0.4% year-to-date having touched its lowest level in seven months on Friday.

Persons: Ralph Orlowski, Banks, Mislav Matejka, Samuel Indyk, Alun John Organizations: Deutsche Bank, REUTERS, JPMorgan, Banks, Thomson Locations: Frankfurt, Germany, Europe

☆ BNP Paribas posts in-line Q3 profits as trading declines
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: +2 min

BNP Paribas , the euro zone's biggest bank, posted in-line quarterly results on Thursday, as a jump in corporate financing services offset the continued retreat in trading revenue. Group sales over the three-month period ending in September rose by 4% to 11.58 billion euros, slightly above the 11.52 billion-euro consensus. Germany's Deutsche Bank reported a 12% drop in such revenue for the period, while Britain's Barclays reported a 13% decrease. BNP set aside 734 million euros for credit losses, below the 815 million euros expected by analysts. It also completed more than 85% of its 5 billion-euro share buyback program in 2023, equivalent to about 7% of its market capitalisation.

Persons: Jean, Laurent Bonnafe Organizations: BNP, French, Deutsche Bank, Barclays, Bank of Locations: U.S, Ukraine, Bank

☆ Stock Market News Today: Dow, Nasdaq Slip; Alphabet Stock Price Falls
▼ + stars: | 2023-10-25 | by ( ) www.wsj.com time to read: +1 min

Some of the stock market's behemoths are badly underperforming in midday trading, weighing on the broader market. Alphabet's stock is down more than 9% after reporting its quarterly results , a warning sign to some investors about the resilience of tech stocks after a banner year . Stay tuned: The earnings deluge continues today, with Facebook parent Meta Platforms , Barbie maker Mattel and IBM due to report after the closing bell. The tech-heavy Nasdaq and S&P 500 were in the red, while the Dow industrials were slightly higher. Yields on benchmark 10-year Treasury notes inched up, but held below the 16-year high of 5% reached Monday.

Persons: Stocks, inched Organizations: Apple, Nvidia, Microsoft, Facebook, Mattel, IBM, Nasdaq, Dow, Germany's Deutsche Bank

☆ Stock Market News Today: Nasdaq Falls 300 Points; Alphabet Stock Price Falls After Earnings
▼ + stars: | 2023-10-25 | by ( ) www.wsj.com time to read: +1 min

Some of the stock market's behemoths badly underperformed, weighing on the broader market. Alphabet's stock closed down more than 9% after reporting its quarterly results , a warning sign to some investors about the resilience of tech stocks after a banner year . Stay tuned: The earnings deluge continues today, with Facebook parent Meta Platforms , Barbie maker Mattel and IBM due to report after the closing bell. Stocks fell. Chip stocks fell after Texas Instruments reported lackluster quarterly results.

Persons: Stocks, Chip Organizations: Apple, Nvidia, Microsoft, Facebook, Mattel, IBM, Nasdaq, Texas, Germany's Deutsche Bank

☆ Deutsche Bank completes takeover of UK broker Numis
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/File photo Acquire Licensing RightsLONDON, Oct 13 (Reuters) - Deutsche Bank (DBKGn.DE) has completed its takeover of Numis (NUM.L), a London-based boutique investment bank, expanding its links with UK corporate clients, the German bank said on Friday. The combined business, Deutsche Numis, will oversee more than 170 corporate broking relationships and provide advisor, corporate broking, and equity capital markets services, the bank said. Fabrizio Campelli, who oversees Deutsche's investment bank, said the deal would expand the bank's reach into Europe's largest investment banking market. Deutsche Bank announced in April it had agreed to buy Numis for 410 million pounds ($500 million).

Persons: Ralph Orlowski, Alex Ham, Ross Mitchinson, Fabrizio Campelli, Amy, Jo Crowley, Iain Withers Organizations: Germany's Deutsche Bank, REUTERS, Deutsche Bank, Numis, Deutsche Numis, Thomson Locations: Frankfurt, Germany, London

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON/DUBLIN, Sept 18 (Reuters) - Societe Generale's (SOGN.PA) much-hyped new strategy plans were given a thumbs down by investors on Monday, underscoring uncertainty over European banks as they face a brittle economy. "There are more questions about the future and the economy," Legras said, adding that transformative mergers between banks, which investors have waited for in vain, remained unlikely. Reuters GraphicsThat dampens the prospects for Europe's banks, whose valuations are low and static, said one adviser who works with top executives from the region's lenders, adding that investors struggle to see much promise for the sector. European banks' modest earning power has dampened investor appetite for their shares, which often trade at just a fraction of book value - the sum of their assets. While in the United States, JP Morgan and Morgan Stanley are valued at around 1.5 times book value, Germany's Deutsche Bank, Dutch lender ABN Amro, France's Credit Agricole and Britain's Standard Chartered are valued at just half book value or less.

Persons: Gonzalo Fuentes, Jerome Legras, Legras, Slawomir Krupa, Krupa, Goldman Sachs, JP Morgan, Frederic Rozier, Morgan Stanley, Karel Lannoo, Elisa Martinuzzi, John O'Donnell, Alexander Smith Organizations: Societe Generale, La Defense, REUTERS, Reuters, European Central Bank, European Union, Commission, Deutsche Bank, ABN Amro, France's Credit, Thomson Locations: La, Paris, France, DUBLIN, France's, Europe, United States, Germany, Mirabaud, U.S, Brussels

☆ Factbox: European countries imposing windfall taxes on banks
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +4 min

But he and Finance Minister Bruno Le Maire have ruled out the possibility of a windfall tax. HUNGARYHungary's government has tweaked windfall taxes imposed on key sectors of the economy in a decree published in June, saying banks can reduce their 2024 windfall tax payments by up to 50% if they increase their Hungarian government bond purchases. ITALYItaly approved on Aug. 8 a one-off 40% tax on profits banks reap from higher interest rates and it plans to use the proceeds to help mortgage holders. LITHUANIALithuania's parliament approved in May a windfall tax on the banking industry's net interest income for 2023 and 2024 following a sharp rise in European Central Bank interest rates. It is expected to raise 6 billion Swedish crowns a year.

Persons: Ralph Orlowski, Emmanuel Macron, Bruno Le Maire, Christian Lindner, Alessandro Parodi, Matteo Allievi, Olivier Sorgho, Silvia Aloisi, Tom Sims, Holger Hansen, Marta Frąckowiak, Alexander Smith Organizations: Germany's Deutsche Bank, REUTERS, Finance, HUNGARY Hungary's, European Central Bank, Swedish Government, Thomson Locations: Frankfurt, Germany, Italy, CZECH REPUBLIC, Czech, France, GERMANY, HUNGARY, ITALY Italy, LITHUANIA, SPAIN Spain, SWEDEN, Britain

Higher interest rates helped UniCredit (CRDI.MI) strongly beat earnings expectations in the second quarter. Germany's financial regulator BaFin has been calling on banks to raise the amount of money they set aside for bad loans. Deutsche Bank on Wednesday said provisions for bad loans nearly doubled in the second quarter from a year earlier to 401 million euros. Santander's financial chief said bad loans in Brazil may have already peaked. This sent the bank's shares up around 2% on Wednesday, with Jefferies saying that it sees upside potential to net interest income.

Persons: Ralph Orlowski, Lloyd's, Andrea Orcel, BaFin, James von Moltke, UniCredit, Jefferies, Tom Sims, Jane Merriman Organizations: Germany's Deutsche Bank, REUTERS, Deutsche Bank, Lloyds Banking Group, Lloyds, JPMorgan, Monetary Fund, European Central Bank, Union, Thomson Locations: Frankfurt, Germany, MILAN, MADRID, Europe, Spain, Santander, Brazil

☆ Here are the top 10 tech stock analysts of the past decade, according to TipRanks
▼ + stars: | 2023-05-07 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +1 min

Technology stocks outperformed the broader markets over the past decade. As technology stocks shone in the past decade, TipRanks recognizes the 10 best analysts on Wall Street from this sector. TipRanks has analyzed each stock recommendation made by tech sector analysts in the past decade to come up with this list. TipRanks' algorithms calculated the average return and statistical significance of each rating, as well as the analysts' overall success rate. TipRanks leveraged its Experts Center tool to identify the top ten analysts with a high success rate.

☆ How to trade Deutsche Bank and Barclays quarterly results based on history
▼ + stars: | 2023-04-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Two of Europe's largest banks — Britain's Barclays and Germany's Deutsche Bank — are set to announce their first-quarter earnings later on Thursday. In such a scenario, CNBC Pro's analysis found that shares, on average, outperformed the FTSE 100 index by 2.7 percentage points on the day. The stock also beat the benchmark by 2.5 percentage points over a week since the results, and 13.9 percentage points a month out. BARC-GB 1Y line Meanwhile, Deutsche Bank shares have more often than not performed poorly compared to the DAX index , according to CNBC Pro's analysis. Deutsche Bank shares were trading at 9.52 euros per share ($11.87) on Wednesday afternoon.

☆ Deutsche Bank plans to cut jobs, shrink board
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/File PhotoBERLIN, April 20 (Reuters) - Deutsche Bank (DBKGn.DE) plans to reduce its executive board to nine members from 10 and to cut some jobs in infrastructure and in its private banking business to save costs, a source close to the bank told Reuters on Thursday. Germany's largest bank, which is due to present first-quarter results on April 27, declined to comment on the plans. Deutsche Chief Executive Christian Sewing said in February that he could not rule out job cuts. The bank completed its transformation phase at the end of 2022 with an improved cost-to-income ratio, but Sewing still needs to reduce costs.

[1/3] The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File PhotoWASHINGTON/FRANKFURT, March 26 (Reuters) - Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. "What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. Meanwhile in Europe, the ECB believes that recent banking sector turmoil may result in lower growth and inflation rates, its vice president Luis de Guindos said. Turbulence among banking stocks on both sides of the Atlantic continued into the end of the week, despite efforts by politicians, central banks and regulators to dispel concerns.

☆ ECB fines Germany's Helaba for misrepresenting risk
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Feb 10 (Reuters) - The European Central Bank said on Friday that it had fined German state-owned bank Helaba for "consciously" misrepresenting its exposure to turbulent financial markets during the COVID-19 pandemic so it would need less capital. The fine highlights the ECB's increased scrutiny of the models that banks use for calculating risk, which has also had repercussions for Italy's Intesa Sanpaolo and Germany's Deutsche Bank. "When using its internal models to determine its risk-weighted assets for market risk (in 2020), the bank consciously decided to disregard the increased volatility," the ECB said. "The bank knowingly reported wrongly calculated figures to the ECB, therefore preventing the ECB from having a comprehensive view of its risk profile." Helaba said in a statement that it did not intend to breach its prudential obligations, but conceded that its "original assumption" was incorrect.

☆ Deutsche Bank smashes profit expectations in fourth quarter as higher interest rates bolster revenue
▼ + stars: | 2023-02-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt, Germany, September 30, 2016. Deutsche Bank on Thursday reported its 10th straight quarter of profit, receiving a boost from higher interest rates and favorable market conditions. Deutsche Bank reported a 1.8 billion euro ($1.98 billion) net profit attributable to shareholders for the fourth quarter, bringing its annual net income for 2022 to 5 billion euros, a 159% increase from the previous year. The German lender almost doubled a consensus estimate among analysts polled by Reuters of 910.93 million euro net profit for the fourth quarter, and exceeded a projection of 4.29 billion euros on the year. The annual result marks a significant improvement from the 1.9 billion euros reported in 2021, and CEO Christian Sewing said the the bank had been "successfully transformed" over the last three and a half years.

FRANKFURT, Nov 25 (Reuters) - Germany's Deutsche Bank (DBKGn.DE) has a stark warning to European companies borrowing from U.S. lenders: They will drop you when times get tough. "There was evidence of non-German banks in this country taking lending off the table while German banks were going longer-credit during the pandemic, in 2020," he added, again without citing examples. Deutsche Bank has long highlighted a need for Europe to have strong banks to vie with U.S. and Chinese competitors, but the latest rhetoric signals a more aggressive tone. Campelli called for a "concerted approach" by politicians and regulators to support European banks. He said he wanted strong European banks in Germany and pushed back on being a mere U.S. bank.

Technology stocks (.SX8P) fell 1.8% to lead sectoral losses in Europe after their U.S. peers were dragged down by weak results from Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O). The European banking index (.SX7P) fell 0.7%. read moreItaly's UniCredit (CRDI.MI) was a rare bright spot as its shares rose 3.9% after the bank raised its 2022 profit goal. "Nonetheless, we are likely to see some hesitation, with the economic implications of rising interest rates yet to be felt. read moreReporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ German prosecutors search Deutsche Bank HQ in cum-ex probe
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

The headquarters of Germany's Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski/FilesBERLIN, Oct 18 (Reuters) - German prosecutors have searched the headquarters of Deutsche Bank (DBKGn.DE) in connection with an ongoing investigation of the multibillion-euro tax fraud scheme known as "cum-ex", Deutsche Bank said on Tuesday. Deutsche is one of many banks that prosecutors have searched in connection with the tax scheme that thrived more than a decade ago. Germany's largest lender, under Chief Executive Christian Sewing, has been trying to clean up the bank's reputation since he assumed the helm in 2018. Reuters has reported Deutsche Bank’s involvement in the scheme between 2006 and 2011, when bankers discussed the "reputation risks" of the matter.

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